Overview of Fiat Withdrawals on the CoinW Exchange
Founded in 2017, CoinW is a comprehensive cryptocurrency trading platform with users in over 200 countries and regions worldwide. The platform supports multiple fiat deposit and withdrawal methods, with fiat withdrawals via its P2P (peer-to-peer) trading feature being the primary method.Users can sell their cryptocurrencies (such as USDT) to other users via the P2P platform, and the other party will then transfer fiat currency (such as Chinese yuan) directly to the user’s bank card, Alipay, or WeChat Pay account.
P2P Fiat Withdrawal Process
Withdrawing cryptocurrency as fiat currency via the P2P feature on the CoinW exchange typically follows these steps:
- Step 1: Transfer Assets
First, users need to transfer the cryptocurrency they wish to sell (e.g., USDT) from their spot account or other wallet to their P2P trading account.
- Step 2: Select a Trade
Go to the P2P trading section, select the “Sell” option, and specify the type of cryptocurrency you wish to sell (e.g., USDT) and the type of fiat currency you wish to receive (e.g., Chinese yuan).
- Step 3: Select a Buyer and Payment Method
Browse the list of available buyers (merchants) and select a suitable buyer based on factors such as transaction price, trading volume, and completion rate. When making your selection, ensure that the buyer supports the payment method you wish to use, such as a bank card, Alipay, or WeChat Pay.
- Step 4: Wait for the Buyer to Transfer Funds
After confirming the transaction, wait for the buyer to transfer the agreed-upon amount of fiat currency to your linked receiving account. During this time, carefully verify the payment details to ensure the security of your funds.
- Step 5: Confirm Receipt and Release Cryptocurrency
After confirming receipt of the fiat currency transferred by the buyer, you must click the “Confirm Receipt” button on the BiYing exchange to release the cryptocurrency to the buyer. Be sure to release the cryptocurrency only after confirming receipt of the funds to avoid unnecessary losses.
KYC Verification and Withdrawal Limits
Biying Exchange has different levels of KYC (Know Your Customer) verification for users, and these levels affect users’ daily withdrawal limits:
- No KYC verification: Daily withdrawal limit is 2 BTC.
- Basic Verification Completed: The daily withdrawal limit is increased to 10 BTC.
- Advanced Verification Completed: The daily withdrawal limit can reach 100 BTC.
It is worth noting that the platform states that KYC verification is not mandatory for trading or withdrawals, but completing verification can significantly increase withdrawal limits.
Security Measures and Fees
Platform Security
Since its establishment in 2017, Biying Exchange has reported no security incidents. The platform has implemented multiple security measures, including an industry-leading security and risk control system, a distributed system architecture, as well as cold and hot wallets and multi-signature technology, to protect user assets.In addition, Biying holds financial regulatory licenses from multiple countries, such as the U.S. MSB license, the Singapore MAS license, and the SVGFSA license.
Withdrawal Fees and Processing Times
A fee is charged for cryptocurrency withdrawals, and the specific amount varies by currency. For example, the withdrawal fee for Bitcoin (BTC) is 0.0012 BTC, for Ethereum (ETH) it is 0.00187 ETH, and for Tether (USDT) it is 15 USDT.P2P transactions are typically fee-free on the platform, but the transaction price may include the negotiation margin between the buyer and seller. Cryptocurrency withdrawals are usually processed within 12 hours; the exact arrival time depends on factors such as the exchange’s processing speed, blockchain network congestion, and account verification level. For P2P transactions, the arrival time primarily depends on the buyer’s transfer speed.
User Experience and Risk Disclosure
Some users and media outlets have noted that Biying’s customer service is responsive and friendly, and that the platform’s interface is simple and user-friendly, making it suitable for beginners.However, others argue that its transaction fees are relatively high and that there are few tutorial resources for beginners. Users withdrawing fiat currency via P2P transactions should be aware of the potential risk of their bank cards being frozen—a common occurrence in cryptocurrency-to-fiat exchange scenarios. Users are advised to choose trading counterparts carefully and comply with local laws and regulations.
